Top Marijuana Stocks For Watchlist In February
What marijuana stocks should you buy in 2023? One sector that suffered significant losses in 2022 was the marijuana ancillary stock market. Companies that support the cannabis sector but don’t handle the actual plant are known as ancillary cannabis ancillary companies. Many companies often support the cannabis sector. Businesses that provide lighting and cannabis-growing tools can benefit the cannabis sector.
Congress is now delaying the federal cannabis reform and SAFE Banking measures, which has negatively impacted the cannabis sector. In reality, the Senate has disregarded marijuana legalization for a second consecutive year. When trading in a market like this, day traders and swing traders usually make the greatest money. Some long-term investors also opt to use short-term trading tactics in addition to their sizable long-term investments in the cannabis sector.
In 2023, the stock market has been trending upward. Investors can currently purchase some of these marijuana stocks at huge discounts. Some of these stocks may prove to be excellent starting points for long-term investments for potential cannabis investors or may present an opportunity to profit from current market changes. The 3 top marijuana-related stocks to keep an eye on in 2023 are listed below.
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Top Marijuana Stocks To Watch In February 2023
- GrowGeneration Corp. (NASDAQ: GRWG)
- The Scotts Miracle-Gro Company (NYSE: SMG)
- Village Farms International, Inc. (NASDAQ: VFF)
GrowGeneration Corp.
GrowGeneration Corp. is renowned for operating and supplying hydroponic and organic growing facilities in the US. The business offers a variety of hydroponic, organic, and lighting alternatives to cannabis growers. GrowGen presently owns and operates 60 organic gardening companies in the US. Growing and increasing GrowGeneration.com’s internet presence has always been a primary priority. The website has evolved into a one-stop e-commerce destination with over 10,000 products, spanning from nutrition to lighting technology. Over the next five years, the company plans to add more than 100 more locations in order to expand across the nation. In the third quarter of 2021, the company will construct the largest hydroponic garden facility in Los Angeles County.
The third quarter of 2022 saw earnings for GrowGeneration that were higher than expected. Revenue for the third quarter was $70.9 million, a 39% decrease from the same time last year. As a result, Grow Gen had a 279% fall in third-quarter profit, from $4.3 million in 2021 to a net loss of $7.2 million. Revenue came in 24% beyond analyst predictions. Additionally, EPS increased by 7.7% more than experts had anticipated. The revised estimate of 2022 revenue ranges from $250 million to $275 million to $270 million to $280 million. GrowGen opened its 60th facility in New Jersey in November. Aaron Hook was appointed vice president of sales by the company on January 9.
GRWG Stock Performance
On January 27th, the shares of GRWG finished at $4.64, up 14.29% in the last month of trading. GRWG stock is up 18.37% year to date, with a 52-week price range of $2.92-$10.79. According to CNN Business analysts, GRWG stock has a 12-month median price target of $5.13 per share. This would forecast a 10.33 percent increase over the last transaction price of $4.64.
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The Scotts Miracle-Gro Company
The biggest name-brand consumer lawn and garden goods manufacturer in the world, Scotts Miracle-Gro, has entered the cannabis industry. An entirely owned subsidiary of the company, Hawthorne Gardening offers hydroponic tools, lighting, and fertilizers for cannabis cultivation. In January, Scotts expanded its Hawthorne line by including True Liberty Bags and Luxx Lighting. The acquisition will enhance Hawthorne’s already remarkable array of lighting products. Despite declining revenue, Hawthorne has not changed its outlook for the entire year.
Scotts’ total sales for the fourth quarter of 2022 fell by 33% to $493.6 million. US consumer sales fell from $369.4 million to $302.1 million by 18%. The Hawthorne section’s sales plummeted by 49% from $329.1 million in sales over the same period last year to $168.5 million this year. Scotts will distribute a $0.66 dividend per share to its stockholders on December 9th. Based on this payout, the dividend yield will be 4.9%, which is still higher than the sector average.
SMG Stock Performance
SMG stock closed at $66.53 on December 27th, down 39.89% in the last month. Currently, the stock has a 52-week price range of $39.06-$155.99 and is up 36.92% year to date. According to analysts at Tip Ranks, SMG stock has a 12-month price target of $50 per share. This forecast represents an increase of 3.33% from its last trading price of $48.35.
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Village Farms International, Inc.
Village Farms International, Inc. and its subsidiaries cultivate, sell, and distribute greenhouse-grown tomatoes, bell peppers, and cucumbers throughout North America. Additionally, the company operates in the US and Canada in relation to CBD and cannabis. Pure Sunfarms, a wholly owned subsidiary of Village Farms, is one of the largest cannabis companies in North America. Pure Sunfarms has been given a delta two greenhouse with a cannabis production license, doubling its output capacity. Last year, Village Farms unveiled a brand-new website and logo at www.villagefarms.com.
In November, Village Farms published the financial results for the third quarter of 2022. Overall sales dropped from $72.4 million to $71.1 million, a (2)% reduction. The company reported a consolidated net loss of $8.7 million, or $0.10 per share, as opposed to a net income of $0.8 million, or $0.01 per share. Village Farms’ overall adjusted EBITDA was negative ($2.2 million), as opposed to a favorable adjusted EBITDA of $6.9 million in the third quarter of 2021. A total of $35.5 million in net sales from the cannabis industry, or 50% of Village Farms’ overall revenue, increased by 14% year over year. Village Farms International will begin delivering marijuana to Israel in 2023.
VFF Stock Performance
VFF stock closed at $0.9769 on January 27th, down 21.22% in the last trading month. Currently, the stock has a 52-week price range of $0.91-$6.55 and is down 27.10% year to date. According to analysts at CNN Business, VFF stock has a 12-month median price target of $4.00 per share. In this case, this would represent an upside of 309.46%.
Best Cannabis Stocks For Q1 2023
The value of these top cannabis stocks may increase once they start to rebound after suffering a substantial decline in December. Examine a company’s financial records and most recent press releases to see if an asset fits your trading strategy and portfolio. Making better trading decisions can be aided by an understanding of technical indicators and chart patterns. One of the most interesting things to watch in 2023 would be these cannabis stocks with connections to cannabis growing.
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